Owner Policy Of Title Insurance
An owner's policy provides
For a one-time premium, you can receive an owner’s title insurance policy that will protect your property against hidden risks or undiscovered interests.
Peace of Mind
Owning real estate is one of this country’s most precious values of freedom. When you decide to buy any type of property, title insurance helps ensure the property is yours and that no one else has liens, claims, or encumbrances other than those disclosed or arranged by you (including a mortgage).
If you plan to buy or sell property, having a title insurance policy protects your transaction and provides peace of mind to everyone involved.
The Basic Steps
First, your loan application needs to be approved. After the lender completes a credit check on you, they will obtain an appraisal and order a survey of the property. Legal documents are then prepared for signature by the buyer and the seller, including a new deed, note, and mortgage. The title to the property is also checked to identify any debts owed against the property and confirm the current legal owner.
Finally, when everything is in order, the settlement (or “closing”) occurs. The seller will sign the new deed conveying the property to you, and you will sign a new note and mortgage. The old loan on the property is then paid off, and the new loan is set up. The seller, realtor, attorneys, title company, and others performing services for you are then paid. And finally, the title insurance policies are issued to you and your lender.